Market Overview - On September 18, the motorcycle and other sectors experienced a decline of 0.13%, with Chunjin Power leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable stock performances included: - Taotao Industry (301345) rose by 9.44% to close at 242.51 with a trading volume of 30,900 lots and a turnover of 749 million [1] - Qianli Technology (601777) increased by 7.49% to 12.77 with a trading volume of 1,353,100 lots and a turnover of 172.6 million [1] - Chunjin Power (603129) fell by 4.22% to 278.07 with a trading volume of 40,400 lots and a turnover of 1.161 billion [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 246 million from main funds, while retail investors contributed a net inflow of 136 million [2] - The capital flow for specific stocks showed: - Qianli Technology had a main fund net inflow of 101 million, while retail saw a net outflow of 43.32 million [3] - Aima Technology (603529) experienced a main fund net inflow of 15.46 million, with retail investors contributing a net inflow of 171.18 million [3]

Core Viewpoint - Yong'an Xing's stock price has shown significant volatility, with a year-to-date increase of 74.53%, but recent financial performance indicates a decline in revenue and net profit [1][2]. Group 1: Stock Performance - On September 18, Yong'an Xing's stock price decreased by 2.03%, trading at 22.20 CNY per share with a total market capitalization of 6.233 billion CNY [1]. - The stock has experienced a year-to-date increase of 74.53%, with a 5-day increase of 5.76%, a 20-day increase of 0.05%, and a 60-day increase of 11.73% [1]. - The company has appeared on the trading leaderboard five times this year, with the most recent instance on June 26, where it recorded a net buy of -32.5976 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Yong'an Xing reported operating revenue of 193 million CNY, a year-on-year decrease of 21.29%, and a net profit attributable to shareholders of -65.4756 million CNY, a decline of 739.17% [2]. - The company has distributed a total of 438 million CNY in dividends since its A-share listing, with 158 million CNY distributed over the past three years [3]. Group 3: Business Overview - Yong'an Xing, established on August 24, 2010, and listed on August 17, 2017, specializes in the development, sales, construction, and operation of shared mobility systems based on IoT and big data analysis [2]. - The revenue composition includes system operation services (35.18%), shared mobility services (21.06%), hydrogen products and services (19.40%), smart living services (13.76%), and system sales (10.59%) [2]. - The company operates within the automotive sector, specifically in motorcycles and related services, and is associated with concepts such as bike-sharing, small-cap stocks, smart transportation, ride-hailing, and sharing economy [2].

Industry Overview - In August, the total sales of two-wheeled fuel motorcycles reached 1.441 million units, a year-on-year increase of 11.6% [1] - Exports accounted for 1.073 million units, up 20.8% year-on-year, while domestic sales were 368,000 units, down 8.7% [1] - For motorcycles above 250cc, sales were 84,000 units, reflecting a year-on-year increase of 23.6% [1] Company Insights Chunfeng Power - In August, Chunfeng Power sold 18,000 two-wheeled fuel motorcycles, a decrease of 18.7% year-on-year [2] - Exports were 11,000 units, up 51.6%, while domestic sales dropped to 7,000 units, down 52.7% [2] - Electric motorcycle sales surged to 33,000 units, a remarkable increase of 348.6% [2] Longxin General - Longxin General reported total sales of 93,000 two-wheeled motorcycles in August, down 34.0% year-on-year [3] - Exports were 82,000 units, a decline of 36.8%, while domestic sales were 11,000 units, down 1.3% [3] - Sales of motorcycles above 250cc reached 14,000 units, up 29.0% year-on-year [3] Qianjiang Motorcycle - Qianjiang Motorcycle's total sales of two-wheeled motorcycles in August were 34,000 units, remaining stable year-on-year [4] - Exports increased significantly to 23,000 units, up 84.9%, while domestic sales fell to 11,000 units, down 48.8% [4] - For motorcycles above 250cc, sales were 9,000 units, a decrease of 18.5% year-on-year [4]

Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - In August 2025, the total sales of two-wheeled fuel motorcycles reached 1.441 million units, representing a year-on-year increase of 11.6%. Exports accounted for 1.073 million units, up 20.8%, while domestic sales were 368,000 units, down 8.7% [4][10] - For motorcycles above 250cc, sales in August were 84,000 units, a year-on-year increase of 23.6%. Exports were 47,000 units, up 64.1%, and domestic sales were 38,000 units, down 5.4% [4][10] - Electric motorcycle sales surged to 33,000 units in August, marking a significant year-on-year increase of 348.6% [19] - The all-terrain vehicle (ATV) sales from domestic factories were 14,000 units, down 13.1% year-on-year [19] Summary by Relevant Sections Two-Wheeled Fuel Motorcycles - Total sales in August were 1.441 million units, with exports at 1.073 million units and domestic sales at 368,000 units [4][10] - Year-to-date total sales reached 11.2623 million units, up 14% year-on-year [5] Motorcycles Above 250cc - August sales were 84,500 units, with exports at 47,000 units and domestic sales at 38,000 units [4][10] - Year-to-date total sales reached 674,800 units, up 36% year-on-year [5] Electric Motorcycles - August sales reached 33,000 units, with a year-on-year increase of 348.6% [19] - Year-to-date total sales reached 193,500 units, up 857% year-on-year [19] All-Terrain Vehicles - August sales were 2,000 units, with a year-on-year increase of 186.2% [26] - Year-to-date total sales reached 12,210 units, up 7% year-on-year [5] Three-Wheeled Motorcycles - August sales were 25,000 units, with a year-on-year increase of 46.7% [26] - Year-to-date total sales reached 199,300 units, up 47% year-on-year [5]

Core Viewpoint - The motorcycle industry in China has undergone significant changes, transitioning from a period of rapid growth to facing challenges due to various factors, including government policies and market competition. Recent trends indicate a structural shift towards larger displacement motorcycles and electric vehicles, presenting new opportunities for growth and export [1][9]. Historical Context - The Chinese motorcycle industry began with the establishment of "Jialing," which marked the first domestically developed motorcycle in 1979. The JH70 model became a cultural icon in the 1980s and 1990s, symbolizing freedom and status [4][5]. - In 1995, Jialing achieved a production milestone of over one million units, earning the title of "King of Chinese Motorcycles." This success spurred the rise of other manufacturers in Chongqing, leading to a competitive landscape in the industry [5][7]. - By 2001, Chinese motorcycles had captured nearly 90% of the Vietnamese market, significantly impacting Japanese brands that previously dominated the region. However, aggressive price competition led to a decline in product quality and consumer trust, resulting in a loss of market share [7][8]. Recent Developments - Since 2019, the domestic motorcycle market has stabilized, with a notable increase in demand for motorcycles under 150cc due to favorable government policies and relaxed restrictions in certain cities. However, the growth of passenger cars and electric two-wheelers has marginalized the commuting role of small-displacement motorcycles [15]. - The popularity of large-displacement motorcycles surged during the pandemic, with a 90.5% increase in sales in 2021, indicating a growing market for recreational riding [15][17]. - The penetration rate of large-displacement motorcycles in China is currently around 6%, significantly lower than in the U.S. (95%) and Europe (60-70%), suggesting substantial growth potential [17]. Export Trends - The export of large-displacement motorcycles has become a trend, with exports increasing from 6.51 thousand units in 2019 to 35.90 thousand units in 2024, reflecting a growing share of the international market [19]. - In the first seven months of 2025, China's motorcycle exports reached 10.44 million units, a 31.29% increase year-on-year, with Latin America and Africa showing significant growth in both volume and value [21]. - The motorcycle industry is leveraging its strengths in product quality and cost-effectiveness to compete in international markets, particularly in Latin America and Africa, while also focusing on the growing demand for electric motorcycles [23].

Core Viewpoint - The motorcycle and other sectors experienced a significant increase of 3.19% on September 17, with Longxin General leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up by 0.37% [1] - The Shenzhen Component Index closed at 13215.46, up by 1.16% [1] Group 2: Individual Stock Performance - Longxin General (603766) closed at 12.99, with a rise of 6.74% and a trading volume of 628,400 shares, amounting to a transaction value of 799 million yuan [1] - Taotao Industry (301345) closed at 221.60, up by 6.27% with a trading volume of 21,900 shares, totaling 479 million yuan [1] - Ninebot Company (6000689) closed at 70.32, increasing by 4.89% with a trading volume of 244,000 shares, resulting in a transaction value of 1.704 billion yuan [1] - Chunfeng Power (603129) closed at 290.32, up by 4.52% with a trading volume of 19,800 shares, totaling 564 million yuan [1] - Yong'an Xing (603776) closed at 22.66, increasing by 3.85% with a trading volume of 127,400 shares, amounting to 289 million yuan [1] - Huayang Saiche (834058) closed at 41.01, up by 3.30% with a trading volume of 23,900 shares, totaling 9.529 million yuan [1] - Lvtong Technology (301322) closed at 34.45, increasing by 3.17% with a trading volume of 56,300 shares, amounting to 193 million yuan [1] - Qianli Technology (601777) closed at 11.88, up by 2.59% with a trading volume of 565,700 shares, totaling 663 million yuan [1] - Jiuqi Co., Ltd. (300994) closed at 19.41, increasing by 2.10% with a trading volume of 86,800 shares, amounting to 170 million yuan [1] - Yuanma Technology (603529) closed at 34.87, up by 1.13% with a trading volume of 67,600 shares [1] Group 3: Capital Flow - The motorcycle and other sectors saw a net inflow of 254 million yuan from main funds, while retail funds experienced a net outflow of 129 million yuan and 125 million yuan respectively [1]

Company Overview - Qianjiang Motorcycle is located in Wenling City, Zhejiang Province, established on March 28, 1999, and listed on May 14, 1999. The company primarily engages in the production, sales, research, design, and development of motorcycles and parts [1] - The main revenue composition includes complete motorcycles and electric bicycles at 94.31%, motorcycle parts and accessories at 5.00%, and other supplementary income at 0.69% [1] Financial Performance - For the first half of 2025, Qianjiang Motorcycle achieved operating revenue of 3.073 billion yuan, a year-on-year decrease of 5.74%. The net profit attributable to the parent company was 269 million yuan, down 22.89% year-on-year [2] - Since its A-share listing, the company has distributed a total of 1.723 billion yuan in dividends, with 1.011 billion yuan distributed over the past three years [3] Stock Market Activity - As of September 17, Qianjiang Motorcycle's stock price increased by 2.03%, reaching 18.08 yuan per share, with a trading volume of 142 million yuan and a turnover rate of 1.74%. The total market capitalization is 9.521 billion yuan [1] - Year-to-date, the stock price has risen by 5.67%, with a decline of 2.59% over the last five trading days, a 7.30% increase over the last 20 days, and a 23.92% increase over the last 60 days [1] Shareholder Information - As of September 10, the number of shareholders for Qianjiang Motorcycle was 23,400, an increase of 4.96% from the previous period. The average circulating shares per person decreased by 5.49% to 19,608 shares [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 11.2267 million shares, a decrease of 10.152 million shares from the previous period [3] Capital Flow - In terms of capital flow, there was a net inflow of 14.7474 million yuan from main funds, with large orders accounting for 25.60% of purchases and 19.37% of sales [1]

Company Overview - Qianli Technology Co., Ltd. is located in Beibei District, Chongqing, established on December 1, 1997, and listed on November 25, 2010. The company primarily engages in the research, production, and sales (including exports) of passenger vehicles (including new energy vehicles), motorcycles, engines, and general gasoline engines, as well as financial investments. The revenue composition is 98.14% from manufacturing, 0.99% from real estate, and 0.87% from other sources [1]. Stock Performance - On September 17, Qianli Technology's stock rose by 2.07%, reaching a price of 11.82 yuan per share, with a trading volume of 392 million yuan and a turnover rate of 0.75%. The total market capitalization is 53.439 billion yuan [1]. - Year-to-date, the stock price has increased by 54.51%, with a 5-day increase of 5.72%, a 20-day increase of 5.16%, and a 60-day increase of 32.36% [1]. Financial Performance - For the first half of 2025, Qianli Technology achieved an operating income of 4.184 billion yuan, representing a year-on-year growth of 40.04%. The net profit attributable to shareholders was 31.1708 million yuan, up by 19.00% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders is 58,400, a decrease of 12.63% from the previous period. The average number of circulating shares per person is 77,377, an increase of 14.46% [2]. - The company has cumulatively distributed 1.406 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 47.6895 million shares, a decrease of 10.628 million shares compared to the previous period [3].

上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告：智研咨询发布的《2025-2031年中国摩托车行业市场专项调研及投资前景研究报告》 根据中国汽车工业(摩托车)产销快讯数据显示：2025年7月雅迪科技集团有限公司摩托车产量为88093 辆，同比下降32.3%，销量为85268辆，同比下降42.02%，产销率为96.79%，积压2825辆。 近一年雅迪科技集团有限公司摩托车产销情况统计图 数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏 ...

Group 1 - The core viewpoint of the article highlights the significant growth in motorcycle production and sales in Tibet, specifically for Xizang New Everest Motorcycle Co., Ltd, with a production and sales volume of 8,980 units in July 2025, representing a year-on-year increase of 47.7% [1] - The production and sales rate for Xizang New Everest Motorcycle Co., Ltd is reported at 100%, indicating no inventory backlog [1] - The data is sourced from the China Automotive Industry (Motorcycle) Production and Sales Quick Report, compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] Group 2 - The article mentions several listed companies in the motorcycle industry, including Qianjiang Motorcycle (000913), Xinlong Health (002105), Zhenghe Industrial (003033), and others, indicating a broad market interest [1] - Zhiyan Consulting has released a specialized research report on the motorcycle industry market from 2025 to 2031, suggesting a focus on investment prospects in this sector [1] - The article emphasizes Zhiyan Consulting's expertise in providing comprehensive industry research reports and tailored consulting services, enhancing investment decision-making [1]